Download App

Financial Statements - 2 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements - 21 Mark
MCQ
When a fixed asset is acquired in exchange for another asset, its cost is usually determined by reference to the $......$
  • ✓
    Net book value of the asset given up
  • B
    Gross book value of the asset given up
  • C
    Net book value of the asset acquired
  • D
    Gross book of the asset acquired
✓

Answer

Correct option: A.
Net book value of the asset given up

When a fixed asset is acquired in exchange for another asset, its cost is usually determined by reference to the net book value. Net book value of the asset given up is the cost less depreciation.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "M.C.Q (1 Marks)" from Financial Statements - 2→Financial Statements - 2 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

When Statement of affairs is prepared $......$ is not prepared.
→
Diminishing Value Method means a method by which:
→
Divisible profits excludes $......$
→
Interest on advance money provided by the Partner can be paid from $.......$
→
$......$ is a good indicator of how well the business activities are being managed.
→
Under the net worth method, the basis for ascertaining profit or loss is the difference between$......$
→
How statement of affairs is differ from balance sheet:
→
Which of these is an example of extraordinary items?
→
Which of the following statements is correct:
→
Accrued Income, if given in the Trial Balance is shown in:
→